SOURCE: X Rail Enterprises, Inc.

December 03, 2015 13:46 ET

Maxam Gold Completes Name Change and Reverse Split; Enters the Passenger Rail Car Refit and Refurbishment Business

LOS ANGELES, CA--(Marketwired - Dec 3, 2015) - Maxam Gold Corporation (OTC PINK: MXAMD) today announced the New Business Strategy and completes 1,000:1 reverse split of the stock.

The board of directors of Maxam Gold Corporation has appointed a new executive team to lead the Company into the new emerging market of specialty passenger rail car refurbishment and charter services. Mr. Wayne Bailey has been appointed Chief Financial Officer and will begin the search for a qualified Chief Executive Officer to lead the team. Along with the change in management, the Company is adopting a business strategy of identifying, and investing in, high yield and/or high growth business opportunities within the resurging private passenger rail industry. Investment targets include acquisition, refurbishment and placement into service of specialty private rail cars for private charter service. Maxam has just completed its first acquisition of X Rail Asset Fund 1 LP, a limited partnership specifically designed to finance private passenger rail car development. X Rail Asset Fund 1 has a contract to refurbish 16 passenger rail cars pending the raising of $25 million in investment capital to complete the refurbishment via X Rail Asset Fund 1's limited partnership solicitation. Cars would be deployed into charter service to the numerous private charter companies who currently run charter services with Amtrak.

Mr. Bailey, Chief Financial Officer, stated, "I am very excited to have been appointed to a management position at Maxam. I believe there is significant opportunity for a small publicly traded company to seek out and capitalize on opportunistic investment opportunities in the emerging growth market of passenger rail."

To better reflect this new strategy, the board has approved changing the Company's name to X Rail Enterprises, Inc. and has been approved for a new symbol change to PINK:XREE. The board has also authorized the management team to complete a 1,000:1 reverse split of the stock and to seek acquisitions in the private passenger rail charter market. The Company is currently building a new website that will contain additional information on the business, its new management team, its strategy and its funding initiatives. Businesses that fit into Maxam's investment strategy are encouraged to contact Mr. Bailey.

Contact Information

  • Wayne Bailey
    Chief Financial Officer
    801-558-9646